Australia-listed Prospect Resources is positioning itself as a fast-moving copper developer in Zambia, with MD Sam Hosack telling the Africa Down Under conference on Friday that the company’s Mumbwa project had the scale, grade and location to support a long-term copper operation. 

Prospect, which sold its Arcadia lithium project in Zimbabwe for a strong return to shareholders in 2022, has shifted its focus to Zambia’s North-Western province – home to First Quantum’s Sentinel and Kansanshi mines.

The company acquired the Mumbwa project in May 2024 and quickly embarked on an aggressive exploration programme, drilling 10 000 m in the first year and declaring a maiden mineral resource of 107-million tonnes at 0.5% copper, containing about 500 000 t of copper metal.

“That 0.5% grade is typical of what produces three-quarters of Zambia’s copper exports today. It is viable and open-pittable,” Hosack said. “This is a very typical Zambian copper story, but we believe it is one of the most rapidly advancing projects in the country.”

Zambia has set a target of tripling national copper production from 800 000 t/y to three-million tonnes by 2031, a goal Hosack said is backed by strong policy support for foreign direct investment.

"When we look at opportunities, it is always important to marry the political will. In Zambia, we have that in abundance," he said.

Prospect’s exploration work is now stepping up with an 18 000 m drill programme under way, alongside a tenement-wide airborne electromagnetic survey to test the full potential of the ground. Early results point to expansion opportunities, with the company eyeing a possible billion-tonne system.

The project has also attracted strategic interest. In 2025, First Quantum Minerals acquired a 15% stake in Prospect, aligning the junior with one of Zambia’s largest producers and a potential future partner. 

“We have the team, the resource, the infrastructure and the partnerships to deliver,” Hosack told delegates. “Copper is going to be tightly supplied for the next 5 to 15 years, and Mumbwa is well placed to be part of that solution.”